Refurbished Medical Equipment Market Report 2021-2026: Size, Business Growth, Share, Demand, Trends by Top Key Players, and Outlook
According to the latest report by IMARC Group, titled “Refurbished Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global refurbished medical equipment market reached a value of US$ 10.8 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 12.3% during 2021-2026. Refurbished medical equipment are devices that are restored to their original safety and effectiveness. These devices are reconditioned and repaired, and then are installed with software and hardware updates without altering the original specifications or their intended use. They further undergo a rigorous inspection and meticulous testing to detect worn parts that are replaced to resume the effectiveness of the devices. The damaged and the old parts are also cleaned, disinfected, painted and replaced to meet the OEM specifications. As a result, these machines are available in the market at competitive prices, which have contributed to their widespread popularity across various clinics, hospitals and healthcare institutions.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Refurbished Medical Equipment Market Trends:
The global market is primarily driven by the growing requirement for cost-effective, technologically advanced medical devices. Numerous healthcare professionals are adopting refurbished equipment as they aid them in accessing cutting-edge medical devices at extremely low prices. These devices can be procured from reliable providers to ensure optimal condition and durability of the machines. Along with this, numerous healthcare institutions are using these devices to offer affordable services to patients without compromising on quality. Moreover, increasing privatization in the healthcare sector acts as a major growth-inducing factor. This is further facilitated by the growing incidences of chronic diseases, such as diabetes, cancer and cardiovascular disorders, and the rising geriatric population, who are more susceptible to any kind of diseases. Apart from this, increasing governmental efforts toward sustainable development, coupled with an overall rise in environmental consciousness, is further facilitating the adoption of these equipment as they aid in reducing the carbon footprint. The rising trend of medical tourism and the increasing number of partnerships among OEMs and third-party refurbishment service providers are some of the other factors contributing to the market growth.
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Key Market Segmentation:
Competitive Landscape with Key Players:
- Philips Electronics Nederland B.V.
- Block Imaging
- EverX Pty Ltd
- The General Electric Company
- Integrity Medical Systems, Inc.
- Radiology Oncology Systems, Inc.
- Rad Medical Associates
- Siemens Healthineers AG, and Soma Technology, Inc.
Market Breakup by Product Type:
Medical Imaging Systems
- Computed Tomography Systems
- MRI systems
- X-Ray
- C-Arm
- Radiography Equipment
- Ultrasound Systems
- Mammography Equipment
- Nuclear Medicine Devices
- Others
Operating Equipment and Surgical Devices
- Anesthesia Machines and agent monitors
- Endoscopes and Microscopes
- Vascular Closure Devices
- Electrosurgical Units
- Atherectomy Devices
- others
Others
- Patient Monitoring Devices
- Defibrillators
- Coagulation Analyzers
- Neurology Equipment
- Endoscopy Equipment
- Others
Market Breakup by application
- Diagnostic Imaging Systems
- Minimally Invasive Devices
- Biotechnology Instruments
- Others
Market Breakup by User
- Hospitals and Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Others
Market Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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